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World of Darkness developer CCP sees $21 million loss in 2013 fiscal year

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CCP, the developer best known for Space-faring Eve Online and the recently canceled massively multiplayer game World of Darkness, recorded a loss of over $21 million during the financial year 2013.

The company's full financial presentation notes a drop in profit of $4.3 million from the year before, while revenues saw a rise of $76.7 million from $56.3 million.

It is believed that the primary reason for a drop in profit is an increase in research and development costs which jumped from $16.5 million in 2012 to $56.5 million in the next financial year. This is likely to do with costs related to the development of Eve Valkyrie and Dust 514, as well as the now-canceled World of Darkness.

"During the year the company assessed its capitalized development assets and determined that a portion of those assets would likely not have future economic benefits," reads a statement accompanying the report. "IAS 38 requires that such assets should be derecognized and removed from the balance sheet. The expense related to the derecognized assets are presented as part of research and development expense in the statement of comprehensive income."

CCP canceled the long in-development World of Darkness last week, resulting in layoffs of 56 employees at the company's Atlanta office.

"The decision to end the World of Darkness MMO project is one of the hardest I've ever had to make," CCP CEO Hilmar Veigar Petursson said in a prepared statement. "I have always loved and valued the idea of a sandbox experience set in that universe, and over the years I've watched the team passionately strive to make that possible.

"... To our current and former employees and fans of World of Darkness, I am truly sorry that we could not deliver the experience that we aspired to make. We dreamed of a game that would transport you completely into the sweeping fantasy of World of Darkness, but had to admit that our efforts were falling regretfully short. One day I hope we will make it up to you."